Zopa - has anyone borrowed money this way?

[joanofarchitrave]

I'm going to need to borrow £2,600 this week and am considering Zopa, as they have come up well on comparison websites and do loans without early repayment penalties. Wondered if there were any good or bad experiences?

Zopa is quite good, but I hope you know that ur loan must be completely funded for it to be sanctioned. Try other sites like ratesetter as well to see where you would get a more competent rate. But yes p2p lending is the way to go!

Thank you both

The main problem with Zopa is that your loan might not get approved in the first place. They only deal with very, very low-risk borrowers - which, mind you, isn't always a reflection on your ability to repay.

For example, if you are a mortgage-free home owner with no credit card debt you may be classified as high risk due to no recent history of debt repayment.